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- Litecoin becomes one of the highlighted currencies to be added to the HTC Exodus 1 blockchain-based smartphone.
- The market is currently in a battle to remain above the $ 24 support handle, but is struggling dearly at the time of writing.
- Forward support: $ 24, $ 21.52, $ 20, $ 19.89, $ 18.60, 417, $ 16.56.
- Forward Resistance: $ 24.74, $ 25, $ 28, $ 30.69, $ 37.07, $ 40.
Latest news about Litecoin
Litecoin has increased its adoption prospects like HTC Exodus 1, the new brand phone based on blockchain, incorporates LTC into its system.
The announcement came during the Slush 2018 conference in which Charlie Lee, founder of Litecoin, publicized the support for Litecoin in the smartphone along with Phil Chenn, the decentralized chief officer of HTC.
Lee subsequently tweeted the addition, pointing out that it is now possible to buy the phone directly with Litecoin for a fixed cost of 19.84 LTC. In the initial login version of the phone, you can only purchase the smartphone with BTC, ETH or LTC.
The smartphone brings the cryptocurrency market to a wider audience with its integrated Zion portfolio that will keep the keys of the users secure and private.
To add news, Lee joined the HTC Exodus team as a consultant, bringing his long experience in cryptocurrency and blockchain to the table.
Stay true to their word to hold private life At the forefront of their device, the company also announced that the privacy-focused Brave browser will be the default Web browser for users on the phone, further increasing the use of Basic Attention Tokens at the same time.
Let's take a look at the Litecoin market and proceed to highlight any potential areas of support and resistance that go on.
Litecoin price analysis
In the last 24 hours of trading, Litecoin has suffered a fall in prices of 5.36% as the cryptocurrency currently trades around the value of $ 24 at the time of writing.
The market has suffered a 24.85% price drop in the last 7 trading days and the price of 53% has plummeted over the last 30 trading days.
Litecoin is now ranked 9th and currently holds a market capitalization value of $ 1.42 billion. The 67-month project saw a significant 97% decline since it reached its all-time high.
Analyzing the price of the previous 2 months, we can see the extreme downtrend at stake, given that Litecoin dropped from a level above $ 55 in November 2018 to a minimum of around $ 22 during exchanges in December 2018.
The LTC / USD market found significant support for a long-term upside of 1.181 Fibonacci Extension (Drawn in dark red) for $ 24.74.
However, with the recent decline of BTC witnessed today, we can see that the LTC / USD has just fallen slightly below this support level while hovering around the $ 24.01 handle.
Trend: bearish if the market falls below $ 24.74
The trend has been overwhelmingly overwhelming in recent weeks.
Today's candle has not yet been closed, but if it closes below the $ 24.74 support, we can expect the bearish trend to continue and push prices even further down.
Where is the LTC / USD support below $ 24?
If the market manages to collapse below the support identified above, we can expect a decline in price action in the initial medium-term downside support of 1.618 of the extent of the extension of FIbonacci (Drawn in purple) at the price of $ 21.52.
If sales pressure continues and price action falls below support at the $ 20 psychological round number level, more support below can be located downwards short-term 1,272 Fibonacci Extension level (drawn in green) for $ 19.89.
Further support below $ 19 can therefore be placed at Fibonacci extension levels (in blue) of 1,272 and 1,414, even in the shorter term, with a price of $ 18,60 and $ 16,56 respectively.
What if LTC / USD can stay above the $ 24 handle?
If the bulls can continue to defend the $ 24 handle before the end of the day and start to rise above the resistance at $ 25, we can expect that a further higher resistance will initially be found at the previous level of 1,414. Long-term downward fibonacci (drawn in light red)) for $ 28.
This is followed by the previous medium-term 1,414 Fibonacci Extension level (drawn in purple) price tag at $ 30.69.
Resistance higher than $ 30.69 may therefore be expected at the previous medium-term downside 1,227 Fibonacci Extension level (drawn in purple) for $ 37.07.
If buyers can exceed this level, we might consider that the LTC / USD could travel higher in an attempt to recover some of the recent losses incurred.
What do the technical indicators show?
The RSI is not showing any favor to the bulls of anything, while it is pointing down to again approach the conditions of oversold.
If we would like to see any form of recovery, we would need to see the RSI inversion and go back to the handle 50.
Conclusion
The addition of LTC to the HTC Exodus 1 project will certainly bring more awareness to the Litecoin market.
However, it is important to realize that we are in a bear market on an industrial scale and that price intervention would require a significantly higher level of exposure to reverse the downward trend in the market.
If the market falls below $ 24 today, we can look at the $ 20 handle as the next strong level of support for bulls to defend.
